Trends the RemTECH Awards observed in 2019 that will make big impact in 2020 for the remittance industry. Blockchain, billpay, neo netting, compliance technology, and financial institutions dedicated to payments make the list.

1. Remittance
innovation trends
spotted by
5
Analysis by Olivia Chow
at

2. • 6 Continents
• 100+ Entries
• Individuals to 10,000+ employee entities submit
• Average entry age of company is 4 years
• RemTECH Awards has been produced annually
since 2017
• “RemTECH” is refers to remittance technology and
is a subset of fintech
We’re on a mission to push remittance innovation forward by
celebrating those making impact and educating the industry of the
opportunities.
About

3. About Me
• Founder of Yokip Consulting, which specializes
in opening US bank accounts, licensing, and
business development solutions
• Co-Chair of the RemTECH Awards since 2018
• 11 years in innovation helping companies break
into new industries and markets
Yokip Consulting like the trends we
will be discussing are a response to
MTO de-risking by banks.

4. The
innovatio
n curve
What’s crossed the chasm?

5. Emerging markets lead
blockchain adoption
TREND #1
We’ve been talking about it for awhile, but China has decided it is
time to take action. We saw the writing on the wall with the
RemTECH Award’s industry choice winner, Valyou and Alipay
blockchain partnership.
The Opportunity
The innovators have kicked the tires and have made
headway on managing the regulatory concerns. Taking
advantage of the alternative to correspondent banking
that can be faster and cheaper is more attainable than
ever.

6. Neo-Netting
TREND #2
With limited correspondent banking, margins getting squeezed, and capital controls increasing, all
while demand is growing, remittance companies have returned to moving funds domestically and
minimizing the need to send international wires.
Although nothing new, this time
companies are finding ways to
streamline the process through
digital automation and aggregation
at scale. Reduce overhead and
enter new markets faster and
cheaper.
The Opportunity

7. Turnkey
Compliance
TREND #3
Digitization was supposed to make transactions
more secure, but it also has created new issues with
fraud and increased paperwork when verifying
identity and analyzing transactions. Nonetheless,
machine learning, internet footprints, and easier risk
analysis tools is solving to this issue quickly.
Compliance was by far the most
popular RemTECH Award 2019
categories. The different
compliance problems of going
online are solvable and can be
outsourced to digitize quickly.
The Opportunity

8. Got online billpay?
TREND #4
The age old problem of making sure the recipient uses the
money appropriately is being addressed as payments are
digitizing globally. This development is appreciated by the
bill collector, sender and recipient who are asking for the
service.
Utilities, groceries, tuition, and many other services are
aggregating around hubs that make it easier to provide
this service for MTOs.
The Opportunity

9. Financial Institutions
Dedicated to Payments
TREND #5
Although de-risking is still an issue, the demand for digital
payments is growing. There are financial institutions specializing in
the specific needs of payment companies by developing the
technology required to efficiently handle the compliance while
optimizing for user experience.
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The Opportunity

10. 202
0
WHAT’S NEXT?
How to continue bringing awareness of innovations in
remittances and foster a culture of innovation?
Remittance industry’s strength is in our
communities. How can we leverage that
with additional financial services and
technologies?
More Cross-Industry
Entries
From the increasing online RemTECH
engagement, we are encouraged to
continue the mission beyond the awards.
RemTECH Webinars
+ Year-Round
Content We’re looking for sponsors on the
same mission as RemTECH Awards
that would be interested in attracting
remtech businesses.
Dedicated Sponsors

11. What will you do
differently for 2020?
Olivia Chow
o@yokip.consulting
+16469466973
CONTACT
Maybe we’ll see your entry in next year’s